Practice report: the role of environmental factors in industrial site selection activities: a case of limestone quarry expansion in Barbados, West Indies

Site selection is a key activity for quarry expansion to support cement production, and is governed by factors such as resource availability, logistics, costs, and socio-environmental factors. Adequate consideration of all factors facilitates both industrial productivity and sustainable economic growth. This study illustrates the site selection process that was undertaken for the expansion of limestone quarry operations to support cement production in Barbados. First, alternate sites with adequate resources to support a 25-year development horizon were identified. Second, socio-environmental conditions were described and potential impacts identified. Third, a comparative matrix was constructed to evaluate relative site characteristics with respect to physical, ecological, socio-cultural and economic factors. The study shows that environmental factors were essential to the final site recommendation.

Development of an e-business selection framework for manufacturing SMEs : a study of the printing industry

The aim of the research is to develop an e-business selection framework for small and medium enterprises (SMEs) by integrating established techniques in planning. The research is case based, comprising four case studies carried out in the printing industry for the purpose of evaluating the framework. Two of the companies are from Singapore, while the other two are from Guangzhou, China and Jinan, China respectively. To determine the need of an e-business selection framework for SMEs, extensive literature reviews were carried out in the area of e-business, business planning frameworks, SMEs and the printing industry. An e-business selection framework is then proposed by integrating the three established techniques of the Balanced Scorecard (BSC), Value Chain Analysis (VCA) and Quality Function Deployment (QFD). The newly developed selection framework is pilot tested using a published case study before actual evaluation is carried out in four case study companies. The case study methodology was chosen because of its ability to integrate diverse data collection techniques required to generate the BSC, VCA and QFD for the selection framework. The findings of the case studies revealed that the three techniques of BSC, VCA and QFD can be integrated seamlessly to complement on each other’s strengths in e-business planning. The eight-step methodology of the selection framework can provide SMEs with a step-by-step approach to e-business through structured planning. Also, the project has also provided better understanding and deeper insights into SMEs in the printing industry.

Fair testing in employment selection

This project represents the collaboration of Charta Mede Ltd and the Interdisciplinary Higher Degrees Scheme at the University of Aston. The aim of the project was to monitor the effects of the Civil Service's Executive Officer Qualifying Test Battery on minority group applicants. Prior to monitoring the EO Test Battery, however, an ethnic classification had to be developed which was reliable, acceptable to respondents and appropriate for monitoring. Three pilot studies were conducted to examine these issues, during which different classifications and different ways of asking the question were trialled. The results indicated that by providing more precise instructions as to the meanings of categories, it was possible to obtain classifications which were acceptable and reliable. However, there were also certain terms and expressions which should be avoided such as those referring to colour and anthropological racial groups. Two classifications were used in the Executive Officer Study - one derived from an Office of Population Censuses and Surveys classification and one developed for this project - the MultiCultural British Classification. The results indicated that some minority groups (Asians, West Indians and Africans in particular) pass the tests in significantly lower proportions than the majority group and also score significantly less well on the tests. Factors which were significantly related to pass/fail and test scores included educational qualifications and age on entering the UK (the latter being negatively correlated). Using variables in this study, however, it was only possible to account for 5% of the variance in pass/fail rates and 11% of the variance in test scores. Analyses of covariance carried out indicated that the differences in test scores still remained even though the effects of significantly correlated variables were removed. Although indirect discrimination could not be inferred from the data, further research into differential validity and fairer methods of select ion is needed.

Liquidity and portfolio optimisation

This thesis presents research within empirical financial economics with focus on liquidity and portfolio optimisation in the stock market. The discussion on liquidity is focused on measurement issues, including TAQ data processing and measurement of systematic liquidity factors (FSO). Furthermore, a framework for treatment of the two topics in combination is provided. The liquidity part of the thesis gives a conceptual background to liquidity and discusses several different approaches to liquidity measurement. It contributes to liquidity measurement by providing detailed guidelines on the data processing needed for applying TAQ data to liquidity research. The main focus, however, is the derivation of systematic liquidity factors. The principal component approach to systematic liquidity measurement is refined by the introduction of moving and expanding estimation windows, allowing for time-varying liquidity co-variances between stocks. Under several liability specifications, this improves the ability to explain stock liquidity and returns, as compared to static window PCA and market average approximations of systematic liquidity. The highest ability to explain stock returns is obtained when using inventory cost as a liquidity measure and a moving window PCA as the systematic liquidity derivation technique. Systematic factors of this setting also have a strong ability in explaining a cross-sectional liquidity variation. Portfolio optimisation in the FSO framework is tested in two empirical studies. These contribute to the assessment of FSO by expanding the applicability to stock indexes and individual stocks, by considering a wide selection of utility function specifications, and by showing explicitly how the full-scale optimum can be identified using either grid search or the heuristic search algorithm of differential evolution. The studies show that relative to mean-variance portfolios, FSO performs well in these settings and that the computational expense can be mitigated dramatically by application of differential evolution.

The selection of biodiversity indicators for business landholdings

Businesses are seen as the next stage in delivering biodiversity improvements linked to local and UK Biodiversity Action Plans. Global discussion of biodiversity continues to grow, with the Millennium Ecosystem Assessment, updates to the Convention on Biological Diversity and The Economics of Ecosystems and Biodiversity being published during the time of this project. These publications and others detail the importance of biodiversity protection and also the lack of strategies to deliver this at an operational level. Pressure on UK landholding businesses is combined with significant business opportunities associated with biodiversity engagement. However, the measurement and reporting of biodiversity by business is currently limited by the complexity of the term and the lack of suitable procedures for the selection of metrics. Literature reviews identified confusion surrounding biodiversity as a term, limited academic literature regarding business and choice of biodiversity indicators. The aim of the project was to develop a methodology to enable companies to identify, quantify and monitor biodiversity. Research case studies interviews were undertaken with 10 collaborating organisations, selected to represent =best practice‘ examples and various situations. Information gained through case studies was combined with that from existing literature. This was used to develop a methodology for the selection of biodiversity indicators for company landholdings. The indicator selection methodology was discussed during a second stage of case study interviews with 4 collaborating companies. The information and opinions gained during this research was used to modify the methodology and provide the final biodiversity indicator selection methodology. The methodology was then tested through implementation at a mineral extraction site operated by a multi-national aggregates company. It was found that the methodology was a suitable process for implementation of global and national systems and conceptual frameworks at the practitioner scale. Further testing of robustness by independent parties is recommended to improve the system.

Helicopter vibration sensor selection using data visualisation

The main objective of the project is to enhance the already effective health-monitoring system (HUMS) for helicopters by analysing structural vibrations to recognise different flight conditions directly from sensor information. The goal of this paper is to develop a new method to select those sensors and frequency bands that are best for detecting changes in flight conditions. We projected frequency information to a 2-dimensional space in order to visualise flight-condition transitions using the Generative Topographic Mapping (GTM) and a variant which supports simultaneous feature selection. We created an objective measure of the separation between different flight conditions in the visualisation space by calculating the Kullback-Leibler (KL) divergence between Gaussian mixture models (GMMs) fitted to each class: the higher the KL-divergence, the better the interclass separation. To find the optimal combination of sensors, they were considered in pairs, triples and groups of four sensors. The sensor triples provided the best result in terms of KL-divergence. We also found that the use of a variational training algorithm for the GMMs gave more reliable results.

Impact of online channel use on customer revenues and costs to serve:considering product portfolios and self-selection

Developing a strategy for online channels requires knowledge of the effects of customers' online use on their revenue and cost to serve, which ultimately influence customer profitability. The authors theoretically discuss and empirically examine these effects. An empirical study of retail banking customers reveals that online use improves customer profitability by increasing customer revenue and decreasing cost to serve. Moreover, the revenue effects of online use are substantially larger than the cost-to-serve effects, although the effects of online use on customer revenue and cost to serve vary by product portfolio. Self-selection effects also emerge and can be even greater than online use effects. Ignoring self-selection effects thus can lead to poor managerial decision-making.

Project risk management using multiple criteria decision-making technique and decision tree analysis:a case study of Indian oil refinery

This study proposes an integrated analytical framework for effective management of project risks using combined multiple criteria decision-making technique and decision tree analysis. First, a conceptual risk management model was developed through thorough literature review. The model was then applied through action research on a petroleum oil refinery construction project in the Central part of India in order to demonstrate its effectiveness. Oil refinery construction projects are risky because of technical complexity, resource unavailability, involvement of many stakeholders and strict environmental requirements. Although project risk management has been researched extensively, practical and easily adoptable framework is missing. In the proposed framework, risks are identified using cause and effect diagram, analysed using the analytic hierarchy process and responses are developed using the risk map. Additionally, decision tree analysis allows modelling various options for risk response development and optimises selection of risk mitigating strategy. The proposed risk management framework could be easily adopted and applied in any project and integrated with other project management knowledge areas.

The role of environmental factors in industrial site selection activities:a case of limestone quarry expansion in Barbados, West Indies

Site selection is a key activity for quarry expansion to support cement production, and is governed by factors such as resource availability, logistics, costs, and socio-environmental factors. Adequate consideration of all factors facilitates both industrial productivity and sustainable economic growth. This study illustrates the site selection process that was undertaken for the expansion of limestone quarry operations to support cement production in Barbados. First, alternate sites with adequate resources to support a 25-year development horizon were identified. Second, socio-environmental conditions were described and potential impacts identified. Third, a comparative matrix was constructed to evaluate relative site characteristics with respect to physical, ecological, socio-cultural and economic factors. The study shows that environmental factors were essential to the final site recommendation.

Computer Processing of Medieval Slavic Sources in the Institute of Literature at BAS Repertorium Project (1994–2004)

Mixed-content miscellanies (very frequent in the Byzantine and mediaeval Slavic written heritage) are usually defined as collections of works with non-occupational, non-liturgical application, and texts in them are selected and arranged according to no identifiable principle. It is a “readable” type of miscellanies which were compiled mainly on the basis of the cognitive interests of compilers and readers. Just like the occupational ones, they also appeared to satisfy public needs but were intended for individual usage. My textological comparison had shown that mixed- content miscellanies often showed evidence of a stable content – some of them include the same constituent works in the same order, regardless that the manuscripts had no obvious genetic relationship. These correspondences were sufficiently numerous and distinctive that they could not be merely fortuitous, and the only sensible interpretation was that even when the operative organizational principle was not based on independently identifiable criteria, such as the church calendar, liturgical function, or thematic considerations, mixed-content miscellanies (or, at least, portions of their contents) nonetheless fell into types. In this respect, the apparent free selection and arrangement of texts in mixed-content miscellanies turns out to be illusory. The problem was – as the corpus of manuscripts that I and my colleagues needed to examine grew – our ability to keep track of the structure of each one, and to identify structural correspondences among manuscripts within the corpus, diminished. So, at the end of 1993 I addressed a letter to Prof. David Birnbaum (University of Pittsburgh, PA) with a request to help me to solve the problem. He and my colleague Andrey Boyadzhiev (Sofia University) pointed out to me that computers are well suited to recording, processing, and analyzing large amounts of data, and to identifying patterns within the data, and their proposal was that we try to develop a computer system for description of manuscripts, for their analysis and of course, for searching the data. Our collaboration in this project is now ten years old, and our talk today presents an overview of that collaboration.

A longitudinal study of Project Trio: A dropout prevention program in a large urban environment

The subject of dropout prevention/reduction is deservedly receiving attention as a problem that, if not resolved, could threaten our national future.^ This study investigates a small segment of the overall dropout problem, which has apparently unique features of program design and population selection. The evidence presented here should add to the knowledge bank of this complicated problem.^ Project Trio was one of a number of dropout prevention programs and activities which were conducted in Dade County school years 1984-85 and 1985-86, and it is here investigated longitudinally through the end of the 1987-88 school year. It involved 17 junior and senior high schools, and 27 programs, 10 the first year and 17 the second, with over 1,000 total students, who had been selected by the schools from a list of the "at risk" students provided by the district, and were divided approximately evenly into the classical research design of an experimental group and the control group, which following standard procedure was to take the regular school curriculum. No school had more than 25 students in either group.^ Each school modified the basic design of the project to accommodate the individual school characteristics and the perceived needs of their students; however all schools projects were to include some form of academic enhancement, counseling and career awareness study.^ The conclusion of this study was that the control group had a significantly lower dropout rate than the experimental group. Though impossible to make a certain determination of the reasons for this unexpected result, it appears from evidence presented that one cause may have been inadequate administration at the local level.^ This study was also a longitudinal investigation of the "at risk" population as a whole for the three and four year period, to determine if academic factors were present in records may be used to identify dropout proneness.^ A significant correlation was found between dropping out and various measures including scores on the Quality of School Life Instrument, attendance, grade point averages, mathematics grades, and overage in grade, important identifiers in selection for dropout prevention programs. ^

Essays on the selection of securities: Decision on acquisition and issuance perspectives and decision rules

This dissertation is a discourse on the capital market and its interactive framework of acquisition and issuance of financial assets that drive the economy from both sides—investors/lenders and issuers/users of capital assets. My work consists of four essays in financial economics that offer a spectrum of revisions to this significant area of study. The first essay is a delineation of the capital market over the past half a century and major developments on capital markets on issues that pertain to the investor's opportunity set and the corporation's capital-raising availability set. This chapter should have merits on two counts: (i) a comprehensive account of capital markets and return-generating assets and (ii) a backdrop against which I present my findings in Chapters 2 through 4. ^ In Chapter 2, I rework on the Markowitz-Roy-Tobin structure of the efficient frontier and of the Separation Theorem. Starting off with a 2-asset portfolio and extending the paradigm to an n-asset portfolio, I bring out the optimal choice of assets for an investor under constrained utility maximization. In this chapter, I analyze the selection and revision-theoretic construct and bring out optimum choices. The effect of a change in perceived risk or return in the mind of an investor is ascertained on the portfolio composition. ^ Chapter 3 takes a look into corporations that issue market securities. The question of how a corporation decides what kinds of securities it should issue in the marketplace to raise funds brings out the classic value invariance proposition of Modigliani and Miller and fills the gap that existed in the literature for almost half a century. I question the general validity in the classic results of Modigliani and Miller and modify the existing literature on the celebrated value invariance proposition. ^ Chapter 4 takes the Modigliani-Miller regime to its correct prescription in the presence of corporate and personal taxes. I show that Modigliani-Miller's age-old proposition needs corrections and extensions, which I derive. ^ My dissertation overall brings all of these corrections and extensions to the existing literature as my findings, showing that capital markets are in an ever-changing state of necessary revision. ^

A comprehensive portfolio construction under stochastic environment

Prior research has established that idiosyncratic volatility of the securities prices exhibits a positive trend. This trend and other factors have made the merits of investment diversification and portfolio construction more compelling. ^ A new optimization technique, a greedy algorithm, is proposed to optimize the weights of assets in a portfolio. The main benefits of using this algorithm are to: (a) increase the efficiency of the portfolio optimization process, (b) implement large-scale optimizations, and (c) improve the resulting optimal weights. In addition, the technique utilizes a novel approach in the construction of a time-varying covariance matrix. This involves the application of a modified integrated dynamic conditional correlation GARCH (IDCC - GARCH) model to account for the dynamics of the conditional covariance matrices that are employed. ^ The stochastic aspects of the expected return of the securities are integrated into the technique through Monte Carlo simulations. Instead of representing the expected returns as deterministic values, they are assigned simulated values based on their historical measures. The time-series of the securities are fitted into a probability distribution that matches the time-series characteristics using the Anderson-Darling goodness-of-fit criterion. Simulated and actual data sets are used to further generalize the results. Employing the S&P500 securities as the base, 2000 simulated data sets are created using Monte Carlo simulation. In addition, the Russell 1000 securities are used to generate 50 sample data sets. ^ The results indicate an increase in risk-return performance. Choosing the Value-at-Risk (VaR) as the criterion and the Crystal Ball portfolio optimizer, a commercial product currently available on the market, as the comparison for benchmarking, the new greedy technique clearly outperforms others using a sample of the S&P500 and the Russell 1000 securities. The resulting improvements in performance are consistent among five securities selection methods (maximum, minimum, random, absolute minimum, and absolute maximum) and three covariance structures (unconditional, orthogonal GARCH, and integrated dynamic conditional GARCH). ^

Evaluating the Appropriateness of Project Delivery Systems for Different Trenchless Methods

Trenchless methods have been considered to be a viable solution for pipeline projects in urban areas. Their applicability in pipeline projects is expected to increase with the rapid advancements in technology and emerging concerns regarding social costs related to trenching methods. Selecting appropriate project delivery system (PDS) is a key to the success of trenchless projects. To ensure success of the project, the selected project delivery should be tailored to trenchless project specific characteristics and owner needs, since the effectiveness of project delivery systems differs based on different project characteristics and owners requirements. Since different trenchless methods have specific characteristics such rate of installation, lengths of installation, and accuracy, the same project delivery systems may not be equally effective for different methods. The intent of this paper is to evaluate the appropriateness of different PDS for different trenchless methods. PDS are examined through a structured decision-making process called Fuzzy Delivery System Selection Model (FDSSM). The process of incorporating the impacts of: (a) the characteristics of trenchless projects and (b) owners’ needs in the FDSSM is performed by collecting data using questionnaires deployed to professionals involved in the trenchless industry in order to determine the importance of delivery systems selection attributes for different trenchless methods, and then analyzing this data. The sensitivity of PDS rankings with respect to trenchless methods is considered in order to evaluate whether similar project delivery systems are equally effective in different trenchless methods. The effectiveness of PDS with respect to attributes is defined as follows: a project delivery system is most effective with respect to an attribute (e.g., ability to control growth in costs ) if there is no project delivery system that is more effective than that PDS. The results of this study may assist trenchless project owners to select the appropriate PDS for the trenchless method selected.

Genetic improvement of feed conversion ratio via indirect selection against lipid deposition in farmed rainbow trout (Oncorhynchus mykiss Walbaum)

The research leading to these results has received funding from the European Union's Seventh Framework Programme (KBBE.2013.1.2-10) under grant agreement n° 613611 FISHBOOST. Moreover, the original data collection was supported by the European Union, Project PROGRESS Q5RS-2001-00994. The staff at Tervo station, Ossi Ritola and Tuija Paananen, are highly acknowledged for fish management. A. Ka., A. Ki., S. M., D. H. and K. R. designed research and wrote the paper; A.Ka analyzed the data and had primary responsibility for the final content. All authors have read and approved the manuscript. The authors declare no conflicts of interest.